Property guru goes bust

Both Massive Action and NZ Property Gurus were placed in liquidation on November 4 and liquidator Grant Reynolds said "it is unlikely that there will be a dividend paid to unsecured creditors."

The liquidators initial report on Massive Action said the company has non current assets of $43,000 and non current liabilities of $85,000, with the assets "compromised mainly of goodwill."

Letfus charged up to $1,500 to attend his Massive Action seminars where he said he would share his property investing secrets, including how to realise capital gains on as many as 50 properties you haven't paid for and how to get into money making deals - with no money.

On the Massive Action website Letfus said he begun property investing in 2004 and had amassed a $20 million portfolio of property by 2008.

As well as his property investment education companies a number of Leftus' own property investment companies have gone into liquidation, including Jeremiah 29.

The liquidators initial report into Jeremiah 29 said that due to the global financial crisis and its effect on the property market, "all property owned by the company was sold at less than what was due to the mortgagee's leaving the company with no other assets with which to pay its creditors."

Landlords.co.nz attempts to contact Letfus have so far been unsuccessful.